International & World Report

Further escalation, that night, in the war between the elected officials for several months Republicans and Democrats in the U.S. to find a solution to the need to reduce the U.S. budget deficit. Having failed to reach an agreement with Barack Obama, the chairman of the House of Representatives, Republican John Boehner, Friday slammed the door to negotiations with the president.

At issue this time, as the Republican's will vote Democratic president to make an additional $ 400 billion of tax increases. A demand unacceptable, according to Boehner, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue.This Saturday, the threat of a default by August 2 of the world's largest economy has thus further increased.

Of default formally excluded

The President has convened several political leaders to an emergency meeting Saturday afternoon at the White House to try yet again to reach compromise. Both sides say they are confident of raising the debt ceiling (14.294 billion U.S. dollars), reached on May 16, but whether common ground had been reached on the amount of the uncapping. Barack Obama and John Boehner have ruled out a formal non-payment within 10 days.

But the talks still face the question of the amount of budget cuts and debt reduction.Republican side, John Boehner said that after the new clash, he preferred to look to the leaders of the Senate to find a "reasonable" on these issues. Which casts a big doubt about the outcome of negotiations Saturday with the president, which is called Boehner. Democratic side, Barack Obama is prepared to assume full political responsibility to raise the debt ceiling in order to unlock at least for a time, the status quo. "If that's all Congress can do, I will sign an increase in the ceiling to take us to 2013," the president said.

Obama recalled that he had proposed to the Republican's $ 1.65 trillion spending cuts various offers an "extraordinarily fair" said the president.But still not enough for John Boehner, who accuses the president's inability to take "tough decisions" on reducing public spending. Boehmer wishes to bring to the 3 trillion budget savings over 10 years.

Time-critical

The time to find common ground is critical. The readiness of Barack Obama to convene a further meeting this Saturday is a sign that the U.S. president does not want to wait until the deadline of August 2 to reach an agreement. "We have more time in front of us," he said.

Recalling that Wall Street opened Monday, the president pointed to the impact on financial markets of such uncertainty. "Americans are outraged" by the inability of Congress to act, he said.This willingness to find a solution is also shared by the Republican camp, in which counsel highlighted the urgency of an agreement by Monday. What then leave both parties ten days to write a non-redundant legislation and get it validated by Congress.

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The response of government was quick. Thursday afternoon, members of the IEA (International Energy Agency), which includes industrialized countries, have decided to use their strategic oil stocks. One way to compensate for the lack of production Jamahiriya, the latter being blocked since February. A few hours later, the Energy Minister, Eric Besson said in a statement he wanted to Total "that any drop in oil prices is reflected at the pump." A wish welcomed by the CEO of Total, says Besson, who will make the same request to other fuel dispensers.

The decision of the IEA is not surprising. The agency warned in May that it was ready to use "all means" in case of persistent lack of production.Specifically, it will bring to market 2 million barrels per day for a month, compared to 1 low fee payday loans.6 million barrels of Libyan production. PAGE The United States will provide half of Europe about 30%. France will contribute in proportion to its consumption, or 3.2 million barrels, equivalent to about 2% of French strategic stocks.

To some analysts, this is a "rifle-shot." Coupled with the renewed concerns about global growth, the announcement Thursday caused a decline in oil prices – about $ 8 a barrel in London and $ 6 in New York.

Total impact "of course" at the pump a possible drop in oil prices, said Friday in an AFP spokesman for the group. "The question is, how long must the stocks are issued, it can not be done in one hour to another," she said.

Saffron meeting on Thursday its shareholders in general meeting (AG). On his menu, a change in governance that aims to replace the board of supervisory and management by a board of directors, tighter and more deeply renewed. He spends 18 to 15 members. He is feminized with the arrival of Odile Desforges, Renault's Executive Vice President in charge of engineering and quality as well as Elizabeth Lulin, CEO of consulting firm Paradigms. Caroline Gregoire Sainte Marie, CEO, Frans Bonhomme (BTP), should be appointed as censor.The council also welcomes the Franco-American Jean-Lou Chameau, president of the California Institute of Technology Caltech, and the Italian Giovanni Bisignani, president of the International Association of Airlines (IATA).

Unless dramatic turn of events, the new council should appoint, in the wake of AG, Jean-Paul Herterman, current CEO and candidate for a second term, the group's CEO. And Francis Mer, current chairman of the supervisory board, the vice-chair of the board of directors. The state, which owns 30% of Safran and four posts, decided to renew its confidence in Jean-Paul Herteman who in four years, managed the merger of the engine manufacturer Snecma and Sagem Electronics.Announced in 2004, this operation was met with skepticism and triggered a trench warfare between the leaders of both companies.

Accelerating China

Considered a "transitional pope" by many, this discreet Polytechnique, Safran joined in 1984, has pacified the new group while carrying out the divestiture of non-strategic. In particular, he managed the sale of mobile phones and the conversion of the plant Ferns Breton, that supply the Army (Feline equipment).

Meanwhile, he developed a third business involving the defense and security, alongside the aircraft engines and rockets (Ariane) and aeronautical equipment. In security, a priority activity, the group has grown through acquisitions, the latest is that of the U.S. L1.Jean-Paul Herteman has also accelerated the development of the group internationally, including China, India or Mexico, while maintaining a high level of investment in France. Another success was the extension of its partnership with General Electric engines for aircraft type Airbus 320 or Boeing B 737 until 2040.

The president has reactivated a hedging policy to protect against the effects of Yo-Yo the dollar against the euro, which had been interrupted by his predecessor in 2006. While Safran is protected until 2014, "the evolution of the dollar remains a concern," says Jean-Paul Herteman.

Financially healthy, Safran is well positioned to face a period of heavy investment in research and development, a position that was already 1 billion euros in 2010. "Saffron is being renewed heart of its engines for medium-range routes.We need to introduce new technologies in five to ten years. The big challenge is how to halve the fuel consumption of aircraft engines. This, by 2020-2025, "he says. Saffron placed on the aircraft electrical, because little by little electricity is required to operate major equipment – brakes, landing gear …

Having failed to seize the French Zodiac, which could bring her expertise in these new technologies, Safran must go into overdrive. Hence the launch of the plan Amp several hundred million euros.

Another project for the future, the Chinese market. Saffron is awarded the contract to supply the engine that will power the C-919, the future rival of A 320 and B 737 built by the Chinese Comac.The group wants to accelerate China's boom and the helicopter market in the discretion of the gradual opening of the Chinese sky, still controlled by the military. "It identifies 600 helicopters in China against 10,000 in the United States. Saffron is destined to become a structural partner of the Chinese industry in helicopters, "says he.

Four years after the bursting of the housing bubble and the collapse of U.S. subprime, the United States, Europe and Japan are far from having solved their problems. Everywhere "the state and households remain heavily indebted, in varying degrees, and the health of financial institutions has not recovered at the rate of recovery of the economy as a whole," warns the International Monetary Fund in its half-yearly report on financial risks, released Wednesday.

We can no longer be content to make "prevention" by providing liquidity, we need a real "structural treatment," insists Jose Vinals, financial adviser to the IMF.

If the crisis of sovereign debt in the euro area focuses attention, "the United States and Japan are both very sensitive to an increase in the debt burden if interest rates were to rise substantially from their current levels. " The IMF has calculated that the Japanese government will this year's market borrowing the equivalent of 56% of its GDP to refinance debt that matures in 2011. The U.S. Treasury is second with a financing requirement equal to 29% of GDP, followed by Greece, Italy, Belgium, Portugal and France, whose programs of public issues over 20% of their GDP no faxing payday loans.

From the banking side also, the needs are enormous.Refinancing maturing over the next two years amounts to 3600 billion. While progress has been made to improve capital ratios.

Limited effects of earthquakes in Japan

But in the world, "30% of the banks reviewed by the IMF have capital ratios below 8% (of assets), says Jose Vinals. In Europe, almost all institutions in Greece, Ireland, Portugal, many small banks in Spain, some regional banks in Germany have lost access to markets. I expect a lot of 'stress tests'qui be launched in June. I hope they will be sufficiently credible and stringent. Banks that are not viable will no longer exist in their present form. "

The Fund is however not too worried about the consequences on the global financial system of earthquakes in Japan.Similarly, the geopolitical risks in the Arab countries would have limited effects. The exposure of U.S. banks, European and Japanese is "approximately $ 330 billion, no more. With this clarification for French banks, "set to the tune of $ 12 billion in the UAE, $ 22 billion in Morocco, Saudi Arabia 19 billion and 17 billion in Egypt."

Late last year, an Ipsos found that more than half (56%) of the French were worried about their dependence … Will they be ready for all to take a day off again? Faced with an aging population and the need for funding – more than 20 billion euros per year or 1% of GDP – the state looking for new revenue sources, and according leJournal Sunday, the creation of a new day solidarity would be considered. A measure that has merit for the majority to increase state revenue without raising taxes.

2.2 billion euros per year

The idea is not new. Since 2004, after the drama of the heatwave in 2003, the French work an extra day each year, normally without pay, and employers pay a contribution – the contribution solidarity independence (CSA) – in favor of the autonomy of elderly and disabled.Initially introduced on Whit Monday, the law was later relaxed to allow employees to choose another date, or even split the solidarity day. It relates each year 2.2 billion euros. A second day would allow the Government to partially fund the additional needs estimated at 10 billion by Prime Minister Francois Fillon. Philippe Bas, former Minister of Health and Solidarity, then Hénart Lawrence, Secretary of State for the professional integration of young people in the Raffarin government, have already voted for the creation of a new day of solidarity. For the moment the terms of this new day does not stop.It is likely that the choice of date will remain free to avoid the debates that followed the abolition of Whit Monday payday advance lenders.

Extend CSA

The majority also exploring another avenue to bring in new revenue, that of broadening the base of the CSA. This idea is supported by the MP (UMP) Valérie Rosso Debord, who stresses that the day of solidarity is based only on employees. Professionals, craftsmen, tradesmen and pensioners are exempt. A peculiarity which could also soon lead to the questioning that day. The Labour Court of Angers announced in early March that he had seized the Supreme Court for a ruling on what could be considered a breach of equality before tax.Judges should give their opinion on this question of constitutionality at the end of May, which could lead to referral to the Constitutional Council.

According to the member, elect to extend the CSA to all non-employees, would allow the state to reap 2 billion euros, a sum close to that expected with the creation of a new day of solidarity .

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The CAC 40 is continuing its momentum. At the opening, the index in Paris gained 0.34% to 4124.26 points. At the London Stock Exchange, the FTSE-100 is 0.19% at 6049.43 points and the Frankfurt Stock Exchange, the DAX 30 was up 0.19% to 7414.23 points.

In terms of technical analysis, the trend remains positive in the short term. Exceeding candid 4130 points would signal a further acceleration upward.

Societe Generale its dividend multiplied by seven

On the podium of the largest increases in the CAC 40 include Sanofi-Aventis and Societe Generale, with respective increases of 2.88% and 2.53%.

In contrast, PPR, which reports tomorrow, shows the largest decrease (-0.56% to 115.15 euros) to Air Liquide (-0.27% to 95.37 euros) and EDF (-0 , 21% to 31.14 euros), which published Tuesday.

Societe Generale: 2.88% to 50.27 euros

Meanwhile, good news comes from the results published by companies, including Societe Generale.After publishing the results in line with market expectations, the banking group has increased its dividend in September by

Societe Generale in its wake Credit Agricole (1.97% to 11.89 euros), BNP Paribas (1.59% to 58.20 euros) and Natixis (1.19% to 4.06 euros) which must publish their results tomorrow (BNP Paribas) and next week (Credit Agricole and Natixis).

Sanofi-Aventis: 2.53% to 51.06 euros

Another announcement that should be reacted in financial markets, even if she was waiting for: the acquisition by Sanofi-Aventis U.S. biotech Genzyme. The two groups have reached an agreement in principle after the French laboratory which will provide $ 20.1 billion plus a certificate of conditional value.

On the macroeconomic front, the news is mostly American with housing starts in January (1430), the producer prices in January (1430), industrial production in January (15.15), the weekly inventory of crude oil (16.30) and the meeting of the Monetary Policy Committee of the U.S. Central Bank (2030) Faxless payday loans.

Renault: 0.70% to 45.98 euros, Peugeot: 0.68% to 30.23 euro

For the EU, new car registrations fell 1.4% in January to 1,041,650 vehicles, announced Wednesday the Association of European Automobile Manufacturers (ACEA).Renault sales fell by 5.2% and Peugeot, 3.4%.

On the currency markets, the euro is rising again against the dollar, gaining 0.53% to 1.3559 dollar.

A battery of results to follow

M6: 0.88% to 18.26 euros

M6 was released on Tuesday a turnover and operating profit in 2010 increased, thanks to the general recovery in advertising expenditure.

Atos Origin: 1.05% to 41.79 euros

Atos Origin has more than tripled its net profit in 2010 to 116 million euros, indicating that they had "achieved its objectives." The group is confident for 2011.

Imerys: 0.43% to 51.86 euros

Imerys will rely on the growth of demand in its markets, particularly in emerging countries and in the paper and steel, to take over the restocking that has supported its findings in 2010, told Reuters its general manager.

Euler Hermes: -1.52% to 73.86 euros

Euler Hermes announced Tuesday a strong rebound in its annual results, driven by a drop in claims, and the resumption of a dividend to its shareholders.

ADP: 0.51% to 64.84 euros

ADP reported a January traffic up 5.5% from 2010.

Bic: +0.40% to 64.58 euros

The group of stationery and disposable Bic has made a net profit up 36.7% to 207.5 million euros in 2010, thanks to gains in market share and reported a very good start 2011.

Orpea: 1.52% to 35.12 euros

Orpea reported Wednesday in a double-digit growth of its business in 2010, supported by organic growth of 8.7% and its external development.Group homes was confident for 2011.

After market, it was the turn of Bricorama (turnover in the fourth quarter) and Icade (results in the fourth quarter) to submit their figures.

After a successful meeting on Monday, Asian stock markets operate in an uncoordinated Tuesday.

The Nikkei 225 Index moves slightly, gaining 0.21% to 10,747.80 points. And this, although the Bank of Japan left its key rate unchanged at between 0% and 0.1%, and especially it has improved its assessment of the Japanese economy, considered "in gradual recovery."

In China, financial markets reacted differently to the announcement of renewed inflation in the country in January of the Middle Kingdom. The CSI 300 Index climbed 0.80% Shanghai at 3244.85 points, while the Hang Seng Index in Hong Kong was down 0.45% to 23,016.50 points. After declining slightly in December to 4.6% (against 5.1% in November), inflation in China amounted to 4.9% in January over a year, a figure but below analysts' expectations ( 5.4% price increase)."Overall, inflationary pressure remains very high", told AFP Yao Wei, an economist at Societe Generale in Hong Kong based. He added: "The Chinese economy remains generally overheated."

Fusion Singapore and Sydney: changes to the draft

Scholarships Singapore and Sydney are declining. The FTSE Straits Times Index lost 0.63% to 3084.84 points and the S & P / ASX 200 Index 0.10% to loose 4931 points. Both financial centers announced Tuesday they would change their merger, with the same number of representatives in Singapore and Sydney on the board.Initially, eleven members of Singapore and four in Sydney were planned.

The TAIEX Taiwan Stock Exchange Index gained 0.42% in Taiwan to 8721.93 points, while the KRX 100 Index yields 0.44% from Seoul to 4270.55 points and the BSE Sensex 30 Index to loose 0.71% 18,072.60 points.

Crude prices were up Tuesday in electronic trading in Asia, still supported by instability in the Middle East and North Africa and strong demand in China, analysts said. In morning trading, a barrel of light sweet crude for March delivery gained 24 cents to 85.05 dollars. That of Brent North Sea crude for April delivery took 13 cents to 103.21 dollars.

Ten months after being placed in receivership, the City is finally set for himself. The brand's ready-to-wear at 67 stores joined the Breton group Beaumanoir, a leading French clothing with 2000 outlets and 1 billion euros of turnover. The bid from the owner of Cache-Cache, Morgan or Scottage was accepted yesterday by the Commercial Court of Paris. Group Beaumanoir was not the only contenders. A consortium Vivarte, Celio, Etam, Sergeant Major proposed to divide the network of the City, incorporating Vivarte brand and 12 stores. The solution was therefore preferred.

Roland Beaumanoir, CEO of the eponymous group, prides itself as to preserve 350 jobs and "provided through this recovery to create 160 in the next three years." A social plan, however, should receive less than forty employees of the siege of La Courneuve.A total investment is 23 million euros over three years for the group of Saint-Malo: 8 million for the recovery of assets and 15 million to fund operating losses, or renovate stores boost mark.

The strategy is already established: The City will be "incorporated into the Morgan firm" to ensure synergies and complementarities between both brands and networks. The acquisition of The City is a "vector acceleration for the Morgan Group," comments Luc Mory, CEO of the sign, which achieves a turnover of 150 million euros, against 34 million for the approximately City. Morgan, who wants to double its turnover in three years, showed an ambitious store opening and expansion of its offering easy payday loans. Now, stores Morgan -214 worldwide including 130 in France may also distribute clothing The City.And vice versa.

City endured 40 million debt

The network of stores will be remodeled, but it is too early to specify how much. "There will be a network The City, The City and a registered Offer City" merely indicates Luc Mory. And clarify that a "large majority" of the City stores will be integrated into this project, the others being repainted in the colors of Cache-Cache or "Patrice Breal.

With the City, the group Beaumanoir, who had only 49 stores in 2000, hopes to continue the momentum established with Morgan. Since its acquisition in March 2009, the brand success of the 1990s generated an "additional sales of 45 million euros, achieved mainly by LFL growth", says Luc Mory. The brand went through a period of air hole with competition from international chains like Zara and H & M.Already in trouble in the early 2000s, The City, she had suffered terrible setbacks in the summer and winter seasons of 2009, which she could recover. Resumed in February 2008 by the investment fund 21 Centrale Partners, the orbit of the Benetton family, the "brand that dresses naked women" bear about 40 million of debt. After trying a continuation plan, the Commercial Court had finally opted for a transfer plan.

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Between Free and SFR, the battle increases. Free had scored a point in December by making free calls to mobile subscribers of its new internet box "Revolution." Today, SFR reply: French number two mobile will include effective January 18 calls to mobiles in the package of its new unlimited internet box "Evolution", as revealed last night the Twitter site specializing N9ws online payday loans.

It remains to be seen whether Orange will follow suit. For even if the price of calls from fixed to mobile has dropped, they remain an important item in the invoice, sensitive to the subscriber. SFR, which gained 329,000 new subscribers in the first nine months 2010, hopes to continue to lead the race.

France remains the largest AAA. This note, the best is always what the rating agency S & P (Standard & Poor's) – one of three major awards at the world-France.And what is triple A party to last at least a few months since S & P's note accompanying a stable outlook.

This assessment "reflects our views on health and strength of the French economy, the political environment, which we estimate to be flat and oriented towards prudent economic policies," says Marko Mrsnik, an analyst for S & P cited in the statement.

S & P increases the scenario in which the French government will continue its effort of fiscal consolidation and "could reduce the deficit to about 3% of gross domestic product in 2013."

France has promised to reduce its budget deficits (government, social security, local) of 7.7% of gross domestic product (GDP) this year, a record at 6% next year.Paris is a deficit of 4.6% of GDP in 2012 and 3%, the maximum allowed under the European treaties, in 2013.

Debt in a few dates and figures

The debt of France amounted to 1591.5 billion at the end of second quarter 2010 (latest figure available), or 82.9% of gross domestic product (GDP). It is expected to exceed 1,600 billion at end 2010 to 83.2% of GDP, or about 25,000 euros per capita.

It increased by almost 60% since 2003, during which she had crossed the symbolic threshold of 1,000 billion euros and the 50% of national wealth. The mark was surpassed 500 billion in 1993. Ultimately, the burden of debt to GDP has tripled in 30 years.

The Department of Budget expects that the French debt will represent 86 no fax pay day loan.2% of GDP in 2011 before reaching 87.4% in 2012 and to decline slightly.Government debt is owned 70% by non-resident investors, a figure rising steadily in recent years.

A closed

In the "club" very closed countries rated triple-A by all three agencies (S & P, Fitch Ratings and Moody's) include, in addition to France: Germany, Netherlands, Finland, Austria and Luxembourg in the euro area; Norway, Sweden, Denmark, Switzerland and United Kingdom in the rest of Europe, USA, Canada and Singapore around the world.

S & P, "an issuer of bonds rated AAA has extremely strong capacity to meet its financial commitments." Moody's, the Supreme Aaa rating thus reflects a "strong economic, financial and institutional exceptional, allowing unfettered access to credit" and requires that "no conceivable impact is likely to affect repayment capacity."Fitch, meanwhile, explains that "the political will and capacity to mobilize resources to meet their financial obligations is a key element of sovereign credit reliability.

The rating agency Dagong Chinese, meanwhile, has awarded its own "Triple A" only seven countries: Norway, Denmark, Luxembourg, Switzerland, Singapore, Australia and New Zealand. It notes the AA-France, the United States and Germany AA AA +.

With agencies

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